Friday, January 16, 2009

Some Speculative Thoughts

So here we are, it is Friday afternoon, the stock markets are about to close, and a number of banking shares have started to collapse. The BBC News Channel wheels out a series of commentators who attempt to analyse the trend and it is some time before any of them bother to mention the fact that the ban on short-selling ran out this afternoon. Even when asked about the significance of the ban running out, most of the so-called "experts" say that it will have had little or no effect. This is hardly surprising, as these same experts have been calling for an end to the ban for months, repeating and repeating that short-selling had no impact on the collapse of bank share prices last year. As one pin-striped pompous idiot commented the other day, "it can't be significant because the market is always right"
Heaven knows where all this self-delusion comes from, but a significant factor has been the nature of the "commentators" continually given air-time on the BBC News Channel. Anyone who works for a Merchant Bank and looks as though he might own a Porche is invited to present their views to the audience. If the events of the last few months have shown anything, they have shown that such fools are experts at nothing other than losing other people's money.

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